We provide plausibly causal evidence for the role of cultural and linguistic diversity in stock price crash risk. Using unique data from China, we show that firms headquartered in linguistically diverse areas, instrumented by the extent of geographical isolation, have higher stock price crash...

We analyze the effects of spot market short-sale constraints on derivatives trading using a unique Chinese stock market futures trading database. Due to short-sale constraints, investors' pessimistic views on the underlying index can be expressed solely through short futures positions, while...

This paper examines how credit default swaps (CDS) affect the corporate investment of the referenced entities. We document a significant reduction in corporate investment after CDS trading, a result that is robust to alternative model specifications and a set of endogeneity tests. Our findings...

We investigate the effect of diversity on market reactions to financial disclosure. We show elevated trading volume and stock return volatility around earnings announcements for firms headquartered in culturally and linguistically diverse locales. These results continue to hold when earnings...

Nitrogen-polluted wastewater posed great threat to the environment and human beings. Bismuth-based materials have presented high potentials for wastewater treatment. However, it suffers from unsatisfactory electrocatalytic efficiency, especially for nitrate-N removal. Considering the superior...